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Anthem to Offer Members $2.5 Billion Worth of Assistance

By Cory Renauer – Jun 4, 2020 at 2:00PM

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The health insurer can afford to be generous following a couple of months when routine care and elective medical procedures were largely put on hold by the COVID-19 pandemic.

One of the largest U.S. health insurers will offer some financial assistance to its members and care providers to ease the burden the coronavirus pandemic has heaped on them. Anthem (ELV -0.56%) has committed to providing $2.5 billion worth of premium credits, COVID-19 cost-share wavers, extended virtual care coverage, and more.

With healthcare providers nationwide focused for the past three months on the battling the pandemic and conserving resources for that fight, a lot of routine care and elective procedures were delayed. That meant that Anthem had a lot less healthcare to pay for, and the insurer says it will pass some of the savings it accrued on to its customers in the form of a 10% to 15% premium discount for the month of July. People in stand-alone and group dental plans will receive a 50% credit.

Pulling money from a doctor's pocket.

Image source: Getty Images.

Anthem will help some struggling employers make special payment arrangements so they can maintain healthcare coverage for their employees.

COVID-19 treatment waivers and telehealth

Anthem's affiliates will increase access to telehealth services and waive cost-share payments for telehealth visits through Sept. 30. Anthem will also waive cost-sharing for members using TeleDentists, its online dentistry service.

They will also continue to waive cost-sharing for COVID-19 related treatment provided in-network through the end of 2020 for members in fully insured plans and self-insured employers that choose to extend their waivers. 

Anthem will also extend a hand to care providers in the form of improved telehealth capabilities and emergency funding for the independent care providers that have been hit hardest over the past few months. 

Cory Renauer has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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